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The world’s top decentralized exchange, Uniswap, is currently beating out Bitcoin’s daily fee generation by more than 50%.
According to the data tracking website, CryptoFees, the leading Ethereum-powered decentralized exchange Uniswap has generated more than $4.8 million worth of fees over the past 24 hours. This has propelled the automated market maker into second place above Bitcoin — which has generated just $3.1 million.
The top network by daily fees is Ethereum with $16.5 million — which beats out the other 30 other networks tracked by CryptoFees combined.
It appears Uniswap’s dominance over Bitcoin may be short-lived, with Bitcoin beating out Uniswap for daily fees averaged over the past seven days by nearly 20% — with BTC pushing $4.15 million compared to Uniswap’s $3.5 million.
Uniswap’s high fees are a product of Ethereum’s exorbitant gas prices, with mainnet transaction fees currently sitting at $13.60 on average, according to BitInfoCharts. According to Etherscan, token swaps on Uniswap currently cost $33.68 on average.
ETH Gas Station reports that Uniswap is the largest gas guzzler in the industry, generating a whopping $2 million in Ethereum fees over the past 30 days. The Tether stablecoin takes second place for gas usage with $1.65 million generated over the same period.
These high fees have made Ethereum-powered DeFi inaccessible to many newcomers, driving some users to cheaper alternatives such as the Binance Smart Chain-powered PancakeSwap DEX. As reported by Cointelegraph, PancakeSwap is eating into Uniswap’s market dominance.